Analysts tally hacker attacks on crypto projects over six months

From January to June 2023, the crypto industry faced at least 395 hacks, losing around $479.4 million. Data from PeckShield show.

Losses were almost five times lower than in the same period in 2022.

According to analysts, losses from the ten largest hacks currently total 79% ($378.3 million) of the total stolen amount. By a large margin, the leaders are DeFi protocol Euler Labs ($197 million) and the decentralized wallet Atomic Wallet ($65 million).

Thanks to white-hat hackers, security firms and law enforcement, $226.2 million has been recovered.

The month most affected by attacks was April — during which attackers stole $203.3 million.

DeFi protocols were hit hardest — 98% ($414 million) of all hacks in 2023. The bulk of attacks targeted projects on the Ethereum network, resulting in losses of $287 million.

The three main directions of DeFi hacks include logic errors in the code (46%), oracle manipulation (15%), and privilege escalation (14%). 76% of attackers used flash loans.

In 2022, Beosin experts estimated the damage to the crypto industry from 167 major attacks at $3.6 billion. More than half of the total losses came from 12 incidents involving cross-chain bridges — $1.89 billion.